Putney Vale leases on residential deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Putney Vale will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are also strict deadlines and procedures to comply with once the process has started so it’s prudent to be guided by a conveyancer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Putney Vale can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Putney Vale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Elijah, came very close to the eighty-year threshold with the lease on his two bedroom apartment in Putney Vale. In buying his property two decades ago, the lease term was of minimal concern. Fortunately, he became aware that he needed to take action soon on Extending the lease. Elijah extended the lease at the eleventh hour in May. Elijah and the landlord eventually agreed on the final figure of £5,500 . If he had missed the deadline, the premium would have increased by at least £1,125.
Mr R Bell moved into a studio flat in Putney Vale in November 2007. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparable flats in Putney Vale with an extended lease were valued around £275,000. The average ground rent payable was £65 invoiced yearly. The lease ran out on 22 May 2094. Considering the 68 years remaining we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.
An example of a Freehold Enfranchisement case for a Putney Vale property is 158 West Hill in November 2010. the Tribunal held that the premium to be paid for the freehold reversion should be £99,650 This case affected 7 flats. The number of years remaining on the existing lease(s) was 75.88 years.